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 European Union Economic and Monetary Affairs Commissioner Olli Rehn. (file photo) The European Commission keeps up pressure on Italy and Greece over their public finances, despite the incoming new technocratic governments headed by leaders close to European Union authorities. “It is clear that our diagnosis for the Italian economy does not change (just) because there is a new administration,” AFP quoted the spokesman for EU Economic Affairs Commissioner Olli Rehn, Amadeu Altafaj as saying on Monday in Brussels. The comment comes after the former European commissioner, Mario Monti was appointed by Italian President Giorgio Napolitano to become the country's new prime minister, on Monday. Monti, 68, and an economics professor now faces the challenge of implementing a major austerity package approved by parliament in the past week to reduce the country's huge public debt. European Commission inspectors will remain in Rome to monitor the Italian government's progress towards enacting promised reforms. Greece, meanwhile, has named the former Vice President of the European Central Bank Lucas Papademos as the country's new prime minister, who must now lead an interim government aimed at saving the country from bankruptcy. Brussels is still demanding leaders of both major Greek political parties sign letters committing to austerity measures agreed last month as part of its new EUR 130 billion bail-out program. Europe plunged into a financial crisis in early 2010. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland and Spain. PG/JR | ||||||||||||||||||
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